Brazilian and Mexican stocks rose Friday, aided by advances among resource-related issues in part as a pullback in the U.S. dollar supported a climb in prices for most commodities.
Brazil's Bovespa ended 1.4% higher at 64,832.83, bolstered by gains among communications, housing, transportation and utility stocks, with shares of CESP up 3.2% and LLX Logistica higher by 4% to front advancers. Market heavyweight Petrobras' /quotes/comstock/13*!pbr/quotes/nls/pbr (PBR 36.95, +0.84, +2.33%) preferred shares rose 1.3%, their first advance in seven sessions.
Friday's gains for Petrobras found some support from a 3.1% jump in August oil futures to $78.86 a barrel as traders looked to a potential tropical storm forming in the Caribbean.
Metals stocks in Mexico City were all higher Friday, with copper miner Grupo Mexico (MX:GMEXICOB 32.13, -0.95, -2.87%) and Compania Minera Autlan, which provides manganese ore for use in the steel industry each up 1.4%. Silver mining company Industrias Penoles gained 0.3% as July silver futures rose 37 cents to $19.11 an ounce. July copper rose 9 cents to $3.09 a pound. Read more about metals prices.
Prices for oil and metals found room to rise as the dollar eased from gains against the euro ahead of this weekend's meetings of the Group of 20 and Group of 8 leading industrialized countries in Toronto. Officials are likely to work on efforts to boost global economic growth.
Brazil and Mexico, the largest- and second-largest economies in Latin America, are members of the G-20, as is Argentina.
The dollar index /quotes/comstock/11j!i:dxy0 (DXY 85.31, -0.42, -0.49%) , which gauges the dollar's move against a basket of six other currencies, fell 0.5%. Read Currencies.
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